State Street Short Term Investment Fund (STIF)

CalPERS Supplemental Income 457 Plan

State Street Short Term Investment Fund (STIF)

30 September 2021 State Street Short Term Investment (STIF) Non Lending Series Fund (the " Fund") represents units of ownership in the State Street Short Term Investment Non Lending Series Fund.

The Fund seeks to provide safety of principal, a high level of liquidity, and a competitive yield over time.

Investment Objective

The Fund seeks to provide safety of principal, a high level of liquidity and a competitive yield.

The Fund is not a "money market fund" registered with the U.S. Securities and Exchange Commission ("SEC"), and is not subject to the various rules and limitations that apply to such funds. Although a cash management product may seek to maintain a stable or constant net asset value, there can be no assurance that it will do so.

Benchmark

ICE BofA 3-Month U.S. Treasury Bill Index

Investment Strategy

The Fund invests principally in high quality, short-term securities and other instruments including, but not limited to, U.S. Treasury bills, notes and bonds, other obligations issued or guaranteed as to principal or interest by the U.S. Government, its agencies or instrumentalities, corporate debt obligations (including commercial paper of U.S. and foreign companies), instruments of U.S. and foreign banks, including time deposits (including Eurodollar Time Deposits), certificates of deposit (including Eurodollar and Yankee Certificates of Deposit) and banker's acceptances, supranational and sovereign debt obligations (including obligations of foreign government subdivisions), mortgage-backed and asset-backed securities, repurchase agreements, funding agreements, money market mutual funds subject to SEC Rule 2a-7, and other investment pools that SSGA determines to be consistent with the Fund's investment objective. All securities held by the Fund are U.S. dollar denominated. The Fund may concentrate its investments in one or more industries or groups of industries, such as investments in obligations of U.S. or non-U.S. banks.

Investments made by the Fund may satisfy some, but not necessarily all, of the quality, maturity, liquidity, and diversification requirements set forth in Rule 2a-7 under the U.S. Investment Company Act of 1940. For example, the dollar-weighted average maturity and weighted average life of the Fund will not normally exceed 60 days and 120 days, respectively, and the maximum expected average time to receipt of principal of any single security purchased by the Fund will not normally exceed 397 days. The Fund will not invest in a security or other investment unless SSGA determines at the time of investment that it presents minimal credit risk. The Fund is not required to comply with the requirements of Rule 2a-7 and thus, does not incorporate all of the requirements of Rule 2a-7, such as, for example, requirements as to board reporting, certain periodic testing requirements, and requirements for certain reports to the SEC, as well as certain substantive limitations on investments contained in Rule 2a-7.

(Continued in next column)

Performance

Total Returns

1 Month Q3 2021 YTD 1 Year 3 Year 5 Year 7 Year 10 Year Since Inception (3/31/1978) Best Year Since Inception (1981) Worst Year Since Inception (2014)

Fund

-0.02% -0.05% -0.14% -0.18% 0.89% 0.96% 0.66% 0.39% 4.50% 17.19% -0.28%

Benchmark

0.01% 0.01% 0.04% 0.07% 1.18% 1.16% 0.87% 0.63% 4.51% 15.66% 0.03%

The model returns are provided net of the Fund's expenses (described on the last page under the Fee Disclosure section) and then further adjusted to reflect the deduction of the plan level expenses, which may include, among others, investment management, recordkeeping, account administration, account manager, administrative, investment services and contingency reserve fees, of 0.33% (as specified by the CalPERS Supplemental Income 457 Plan). All returns greater than 1 year are annualized. Performance shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance shown above. Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.

Investment Strategy (Continued)

The Fund will not typically engage in transactions involving derivatives, although it may purchase securities in which options or other derivatives are embedded. The Fund would not purchase those securities for purposes of creating what SSGA considers to be investment leverage. (SSGA generally will determine whether an investment has the effect of creating investment leverage by evaluating the effect of the investment on the exposure and risk profile of the Fund as a whole.)

The Fund is expected typically to issue and redeem shares at a "book value" of $1 per share. The Fund is not a registered money market fund, and may continue to issue and redeem shares at book value under circumstances where a registered money market fund might not, such as when the variation between book value per share and market value per share exceed levels permissible for a registered money market fund to issue and redeem shares at $1 per share. SSGA may at any time (without notice to investors) cause the Fund to issue and redeem shares at their market value, rather than their book value.

Key Facts y Is actively managed y May invest in other investment pools, including those managed by SSGA

and its affiliates

y Will not use investment leverage y Will not sell securities short y Will not lend its portfolio securities y May enter into repurchase agreements

The Fund is a collective investment trust and is not FDIC insured, nor is it an obligation or deposit of, or guaranteed by State Street Corporation, SSGA or its affiliates.

The ICE BofA 3-Month U.S. Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date. To qualify for selection, an issue must have settled on or before the month-end rebalancing date. While the index will often hold the Treasury Bill issued at the most recent 3-month auction, it is also possible for a seasoned 6-month Bill to be selected.

Source: ICE BofAML, used with permission. ICE BOFAML IS LICENSING THE ICE BOFAML INDICES "AS IS", MAKES NO WARRANTIES REGARDING SAME, DOES NOT GUARANTEE THE SUITABILITY, QUALITY, ACCURACY, TIMELESS, AND/OR COMPLETENESS OF THE ICE BOFAML INDICES OR ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM, ASSUMES NO LIABILITY IN CONNECTION WITH THEIR USE, AND DOES NOT SPONSOR, ENDORSE, OR RECOMMEND SSGA, OR ANY OF ITS PRODUCTS OR SERVICES.

This fact sheet provides summary information about the Fund and is provided by the CalPERS Supplemental Income 457 Plan. It should be read in conjunction with the Fund's applicable Strategy Disclosure Document, which is available upon request. The Strategy Disclosure Document contains important information about the Fund, including a description of a number of risks associated with investing in the Fund.

State Street Short Term Investment Fund (STIF)

Characteristics

Average Credit Quality Total Number of Holdings Weighted Average Current Yield Weighted Average Life Weighted Average Maturity

Sector Allocations

Commercial Paper Yankee Certificates Of Deposit Time Deposit Asset Backed Commercial Paper U.S. Treasury Corporate Obligations Bank Notes Certificates Of Deposit Euro Certificates Of Deposit

Top Issuers

Royal Bank of Canada Mizuho Bank Ltd/NY Citibank NA Australia & New Zealand Banking Group Ltd/Cayman Islands Skandinaviska Enskilda Banken AB/NY Branch Nordea Bank AB/New York Branch U.S. Treasury Bill 11/16/21 DnB Bank ASA U.S. Treasury Bill 11/18/21 KBC Bank NV/London

A1P1 280 0.11% 59.00 43.00

34.55% 28.89 16.12

9.93 7.50 1.13 1.05 0.43 0.40

2.14% 1.64 1.58 1.33 1.33 1.19 1.19 1.15 1.14 0.97

30 September 2021 State Street Global Advisors

Credit Quality Breakdown

Aa A A1+/P1 A1/P1 Other

Maturity Ladder

Overnight (1 Day) 2 - 30 Days 31 - 60 Days 61 - 90 Days Over 90 Days

3.50% 5.70 36.05 50.75 4.00

28.52% 28.22 12.75

6.52 23.99

Distribution Calculations: (Security Distribution, Quality Distribution, Maturity Distribution and Sector Distribution) are measured on a trade date basis and exclude uninvested cash from the market value used to compute the percentage calculations.

Certain supplemental information may be rounded and may result in the total not adding up to 100.

The top holdings are presented to illustrate examples of the securities that the Fund has bought and may not be representative of the Fund's current or future investments. In the case of fixed income and cash funds the securities are aggregated and shown at the issuer level. The top holdings do not include other assets or instruments that may be held by the Fund including, for example and not by way of limitation, cash or cash equivalents and derivatives such as futures, options and swaps. The figures presented are as of the date shown above, do not include the Fund's entire investment portfolio, and may change at any time.

State Street Short Term Investment Fund (STIF)

30 September 2021 State Street Global Advisors

Important Message About Risk

For institutional / professional investors use only.

Investing involves risk including the risk of loss of principal. Generally, among asset classes, stocks are more volatile than bonds or short-term instruments. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions and at times the risk level of the Fund may be greater than that of the U.S. stock market in general. In addition, the Fund may use derivative instruments which may involve risks such as potential illiquidity of the markets and additional risk of loss of principal.

This document provides summary information regarding the Fund. This document should be read in conjunction with the Fund's Strategy Disclosure Document, which is available from SSGA. The Strategy Disclosure Document contains important information about the Fund, including a description of a number of risks.

The information provided does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor's particular investment objectives, strategies, tax status or investment horizon. You should consult your tax and financial advisor.

The trademarks and service marks referenced herein are the property of their respective owners. Third party data providers make no warranties or representations of any kind relating to the accuracy, completeness or timeliness of the data and have no liability for damages of any kind relating to the use of such data.

United States: State Street Global Advisors, 1 Iron Street, Boston, MA 02210.

? 2021 State Street Corporation - All Rights Reserved.

Additional Information

For more information on plan expenses and current performance information, including performance to the most recent month-end, please visit the Plan website at: . You may also contact CalPERS at (800) 260-0659.

About SSGA

The Fund is managed by State Street Global Advisors Trust Company, a wholly owned subsidiary of State Street Bank and Trust Company, and a global leader in providing investment management solutions to clients worldwide. To learn more about SSGA, visit our web site at .

Risk Management

SSGA monitors credit and interest rate risk on a continuous basis. The Fund will be highly diversified and will not invest more than 5% of its total assets in obligations of any one issuer, other than obligations of the U.S. Government or its agencies or obligations or other investment pools in which it may invest.

Fee Disclosure The Fund seeks to achieve its investment objective by making direct investments in securities or by making investments in other investment funds, including those managed by SSGA and its affiliates ("SSGA Funds"). The Fund indirectly bears a proportional share of the fees and expenses of the SSGA Funds in which the Fund invests ("Indirect Expenses"), which may include, among others, administration, investment management, audit, index and legal fees of the SSGA Funds. Additionally, the Fund incurs direct fees and expenses ("Direct Expenses"), which may include, among others, audit, index, service and legal fees. The Indirect Expenses combined with the Direct Expenses form the Total Annual Operating Expense Ratio ("TAOER"). The TAOER of the Fund will equal .01% annually. For the Fund, the investment management fee is assessed outside the Fund and is not included in the TAOER. A portion of the investment management fee, which may vary, may be paid to third-parties or intermediaries for recordkeeping, asset servicing, sub-accounting and communication services to plans invested in the Fund. You should contact your Plan Administrator for a complete description of the fees and expenses applicable to units of the Fund.

Transaction costs (including, for example, brokerage costs and taxes, if any) are not reflected in the TAOER but are reflected in the net performance returns of the Fund. In the ordinary course, the investment manager does not assess Transaction Charges in connection with the purchase or redemption of units of the Fund. To the extent the Fund invests in one or more SSGA Funds, the Fund itself may incur such Transaction Charges as a result of such investment, which will be reflected in the Fund's net asset value.

The following example is intended to help illustrate the impact of fees and expenses associated with an investment in the Fund (based upon the Fund's expenses of .01% and plan-level expenses of .33%, as specified by CalPERS Supplemental Income 457 Plan). It is intended to illustrate the hypothetical cumulative expense that you would incur over various time periods if you were to invest $10,000 in units of the Fund. This example assumes that the Fund provides a return of 5% a year and that operating expenses of the Fund remain the same. The results apply whether or not you redeem your investment at the end of the given time period.

Example Fees: 1 year - $34.79; 3 years - $109.32; 5 years - $190.95; 10 years - $430.73

The example outlined above does not represent the actual expenses of the Fund and does not include the investment management fee or any portion of that fee that might be paid to a third party recordkeeper or intermediary. Actual expenses may be higher or lower than those shown.

Fees and expenses are only one of several factors that participants and beneficiaries should consider when making investment decisions. State Street assumes no liability in connection with the accuracy or completeness of the plan-level expense information provided by CalPERS Supplemental Income 457 Plan or any performance information to the extent it is based on such plan-level expense information.

Expiration Date: 03/01/2022

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